On the occasion of the 27th anniversary of its foundation, the Basil Fuleihan Financial and Economic Institute organized a ceremony under the patronage and in the presence of the Caretaker Minister of Finance, Youssef Khalil. The latter recalled that the institute was created to keep pace with the reforms and modernization of the Ministry of Finance.
“Today, it has become a center of excellence in the development of national capacities in the management of public money,” he stated.
Khalil noted that the crises that have hit the country in recent years persist to this day.
“The government is striving to meet these challenges by putting in place measures to mitigate their effects. These initiatives are incorporated in the 2024 budget, including efforts to stimulate the economic cycle by increasing state revenues,” he said, adding that “such actions are crucial to completing the economic recovery and restoring financial equilibrium, thereby underpinning monetary stability.”
“In addition, the Ministry of Finance is working on reform bills that support the government’s economic development strategy. Implementing these reforms requires efficient administration and a high level of technical expertise,” the minister declared.
He also highlighted the current challenge of preserving the functioning of institutions in the face of the depreciation of the national currency, the worsening financial situation, and growing concerns about the escalation in the south of the country.
Khalil believes that the institute clearly reflects the Ministry of Finance’s vision of improving the performance of state institutions. This is achieved by developing human capabilities, adapting to transformations, and, above all, fostering a scientific dialogue based on arguments and evidence.
The institute’s president, Lamia Mobayed, said in her address that the Basil Fuleihan Institute is a leading public institution that decided that defeat would not be its fate. “It was not defeated and was finally legally established as a public institution, enjoying administrative, financial, and technical independence. It is a pioneer in capacity-building, the development of public policies, the monitoring of their implementation, the creation of international partnerships and activities, as well as cooperation in the management of public funds.”
She announced a reorganization of priorities and the development of a resilience strategy based on six key points.
“First, it is planned to gradually increase income by providing intellectual services for a fee and respecting the institute’s systems. Second, the focus will be on investing in technological tools to track reforms using evidence-based data. This includes reforms to the budget dashboard and exporting specialist knowledge via e-learning platforms, for example. Third, the institute will implement projects in collaboration with partners in Lebanon and the region, affirming its role as a center of expertise. Fourth, it is planned to train the institute’s experts abroad, refining their knowledge so that they can make a significant contribution to the reforms to be achieved. Fifth, expenditures will be restructured. Last, the emphasis will be on maintaining and developing the team we are so proud of,” Mobayed explained.
